FCA Announces LIBOR Terminations
The UK Financial Conduct Authority ("FCA") announced changes to LIBOR on January 4, 2022. The following LIBOR settings that have ended and are no longer representative include (i) all euro and Swiss franc LIBOR settings, (ii) the overnight/spot next, one-week, two-month and 12-month sterling and Japanese yen LIBOR settings, and (iii) the one-week and two-month U.S. Dollar settings.
The one-month, three-month and six-month sterling and Japanese yen LIBOR settings are Article 23A Benchmarks. They are permanently unrepresentative and panel banks will no longer provide submissions to create these rates.
Synthetic yen LIBOR will cease at the end of 2022, and the availability of synthetic sterling LIBOR is not guaranteed to be available after the end of 2022. New use of synthetic LIBOR is prohibited for market participants.
The remaining five U.S. Dollar LIBOR settings will be calculated using the panel bank submissions until June 30, 2023.
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